Yorkshire Building Society has teamed up with financial education provider Doshi to launch a new online learning tool aimed at helping prospective homeowners navigate the mortgage and home-buying process. Available through the mortgage section of the Society’s website, this resource is designed to assist individuals taking their first steps onto the property ladder.
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Research by Yorkshire Building Society reveals a significant knowledge gap among potential homebuyers. Their study indicates that less than 20% of people feel well-informed about mortgages, and over 10% are unsure of key financial factors involved in the mortgage application process. The poll of 2,000 participants found that only 45% recognized the importance of a good credit score, and just one-third acknowledged the need to manage debt repayments.
Geddy Meguyer, Senior Manager for Digital Mortgages and Enabling Services at Yorkshire Building Society, highlighted the importance of this initiative. “Buying a house is often the largest financial commitment people make. Our research shows that understanding mortgages and the home-buying process is crucial for informed decision-making. This new tool aims to address those knowledge gaps and boost confidence among first-time buyers.”
Daniel Rose, CEO of Doshi, emphasized the tool’s role in simplifying the mortgage process. “Partnering with Yorkshire Building Society to create this program is a major step toward making homeownership more accessible. Our engaging, bite-sized guidance will help demystify the process and support first-time buyers throughout their journey.”
The Doshi tool offers comprehensive guidance on various aspects of buying a home, from understanding ownership types and mortgage options to preparing for purchase and maintaining a home. It also covers essential topics like freehold versus leasehold, mortgage terms, and the home-buying timeline.
This initiative reflects Yorkshire Building Society’s commitment to making homeownership more attainable, following its earlier launch of the £5k Deposit Mortgage aimed at helping first-time buyers overcome the challenge of saving for a deposit. The new learning tool is accessible at YBS's mortgage section and is available free of charge to both customers and non-customers.
